General Partner
A general partner has unlimited personal liability for partnership debts and full authority to manage the business. In Florida real estate, general partners typically manage development partnerships and investment syndications.
Role and Authority
- Manages the partnership's business affairs
- Can bind the partnership to contracts and commitments
- Executes leases, financing, and transaction documents
- Oversees construction, development, and operations
- Makes binding decisions on behalf of the partnership
Duties and Liabilities
- Fiduciary duties: Loyalty, care, good faith to partners
- Unlimited liability: Personal assets at risk for partnership debts
- Joint and several: Each GP liable for all partnership obligations
- Accounting: Must track all partnership funds and property
Liability Protection
The general partner is often an LLC or corporation rather than an individual, providing a liability shield while fulfilling the management role.
Related Terms
- Contract — Partnership agreements
- Equity — Partner capital contributions
- Encumbrance — Partnership property liens
Barnes Walker Business Law
Barnes Walker's attorneys structure real estate partnerships and advise general partners on duties and liability management. Request a legal inquiry for assistance.
Florida Law Reference
Fla. Stat. Ch. 620
Governs the creation and operation of limited partnerships and limited liability limited partnerships in Florida.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC